BLBG:Diamond To Receive About 2 Million Pounds On Leaving Barclays
Barclays Plc (BARC) will give former Chief Executive Officer Robert Diamond a 2 million-pound ($3.1 million) payoff, about a tenth of his full entitlement, after politicians protested his role in the Libor-fixing scandal.
The CEO voluntarily agreed to forgo deferred bonuses valued at as much as 20 million pounds, Chairman Marcus Agius told lawmakers at a hearing in London today.
Barclays had been under pressure to limit Diamond’s severance after the lender was fined a record 290 million pounds last month for attempting to rig the London interbank offered rate. Diamond, Britain’s best-paid bank CEO, has earned about 120 million pounds in pay and bonuses since 2005, according to Manifest Information Services Ltd.
Under his contract terms, Diamond is entitled to 12 months salary, medical and pension benefits as compensation for loss of office. His pension contributions and salary were valued at 2.03 million pounds, according to the bank’s annual report.
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To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net
To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net
